JACKSON, Mich. & ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--
Richmond Brothers, Inc., a Michigan-based SEC registered investment advisor and wealth management firm that is the largest beneficial owner of Rockwell Medical, Inc. (NASDAQ: RMTI) (“Rockwell” or the “Company”), and Mark H. Ravich, who together with their affiliates beneficially own over 6 million shares, or 11.8% of the Company’s outstanding common stock, today issued the following statement with regard to a press release issued by Rockwell yesterday:
“We are extremely disappointed that Rockwell would make such misleading and disingenuous statements regarding our interactions with the Company. As Richmond Brothers made clear in its letter to Rockwell’s incumbent directors (available here), the Company continues to blatantly ignore the overwhelming mandate for change delivered by shareholders at the last election and has repeatedly impeded Mark’s ability to fulfil his duties as a director of the Company.
Furthermore, we wish to make clear that this is not about us receiving reimbursement for our expenses. Rockwell falsely implies that we would have accepted money to stand down. That is not true – we will only stand down if important management and governance changes are made. Rockwell attempted to buy our vote, but we are not for sale. We will not settle for anything less than real and meaningful changes to the Board to ensure that the Company is run with the best interests of shareholders in mind and not just as Chairman and CEO Rob Chioini sees fit. We believe that Rockwell needs independent leadership who will act in shareholders’ best interests and who have the skills and ability to execute on a value-creating strategy – that is what we are fighting for.
The issue with Rockwell is really about delivering value for shareholders, including executing on a strategic plan to bring Triferic and Calcitriol to market, curtailing excessive executive compensation, and building an independent Board capable of effectively overseeing the Company and holding the CEO accountable. That has been and remains our focus. In our view, and judging by the Company’s press release yesterday, the incumbent directors and management are not focused on driving change on these substantive issues – and instead continue to try to mislead shareholders and frustrate our attempts to improve value for the benefit of all shareholders.”
About Richmond Brothers, Inc.
Richmond Brothers, Inc. is an SEC registered investment advisor and wealth management firm founded in 1994.
About Mark H. Ravich
Mark H. Ravich is a private investor and currently serves as President of Tri-Star Management, Inc., a commercial real estate management and syndication company that he co-founded in 1998. Mark was elected to the Board of Rockwell Medical, Inc. at its 2017 Annual Meeting in June 2017.
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